France will not tax crypto-to-crypto trades; will tax gains converted into 'traditional' currency

French economy minister Bruno Le Maire has stated that crypto-to-crypto trades will be tax-exempt, according to a report by Bloomberg. Instead, France will only tax cryptocurrency gains when they are converted into "traditional" currencies.

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“We believe that the moment the gains are converted into traditional money is the right time to assess tax,” Le Maire said. Le Maire also added that the country's value-added tax (VAT) will only be assessed when a cryptocurrency is to purchase a good or service.

France's decision comes after reports that Portugal's tax authority determined cryptocurrency trading and payments in the nation are tax-free.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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